Lucid Group (NASDAQ:LCID) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Lucid Group (NASDAQ:LCID) from a strong sell rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other analysts also recently weighed in on LCID. Robert W. Baird set a $14.00 price target on Lucid Group in a research note on Tuesday, January 6th. Bank of America initiated coverage on Lucid Group in a report on Wednesday. They issued an “underperform” rating and a $10.00 target price for the company. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group in a report on Wednesday, February 25th. Finally, Benchmark reiterated a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $12.50.

Lucid Group Stock Performance

NASDAQ LCID traded down $0.07 during trading hours on Thursday, hitting $9.77. 5,225,645 shares of the stock were exchanged, compared to its average volume of 6,632,383. The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -0.81 and a beta of 1.12. Lucid Group has a 12-month low of $9.12 and a 12-month high of $33.70. The stock has a 50-day moving average of $10.53 and a 200 day moving average of $15.14.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($3.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.49) by ($0.59). The business had revenue of $522.73 million during the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. Lucid Group’s revenue for the quarter was up 122.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.22) EPS. As a group, equities research analysts forecast that Lucid Group will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL purchased a new position in Lucid Group in the 3rd quarter valued at about $1,361,978,000. Geode Capital Management LLC lifted its stake in shares of Lucid Group by 7.4% during the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after buying an additional 1,554,419 shares during the period. Uber Technologies Inc purchased a new position in shares of Lucid Group during the third quarter valued at approximately $326,283,000. Marshall Wace LLP boosted its position in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.